Gross v. Commissioner
United States Board of Tax Appeals
GAIN OR LOSS - REORGANIZATION. - Where a corporation and a partnership transferred to a new corporation organized to take over and carry on the businesses then operated by the two, 80 percent of the corporate assets and 96 percent of the partnership assets, the consideration for the transfer being the issue by the new corporation of all of its capital stock to the transferors in proportion to the value of the assets conveyed, the corporation receiving less than 80 percent of…
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GAIN OR LOSS - REORGANIZATION. - Where a corporation and a partnership transferred to a new corporation organized to take over and carry on the businesses then operated by the two, 80 percent of the corporate assets and 96 percent of the partnership assets, the consideration for the transfer being the issue by the new corporation of all of its capital stock to the transferors in proportion to the value of the assets conveyed, the corporation receiving less than 80 percent of the issued stock, it is held, that the transaction did not constitute, as to the corporation, a reorganization within…
1Opinion of the Court
*396OPINION.
Leech :
These proceedings, consolidated for hearing and decision, ask redetermination of income tax deficiencies and penalties determined for the year 1931 in the following amounts:
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The issue, presented in each case, is the correctness of respondent’s action in including in income of the several petitioners an amount representing the fair market value of stock and cash received by them as stockholders of the Tampa Box Co. upon the acquisition of assets of that company by the Lei'man-Weidman Box Co., as follows:
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In each case of the last three named petitioners,…
2Cases cited1 opinion
- John A. Nelson Co. v. HelveringSupreme Court of the United States · 1935
3Cited by6 opinions
- National Bank of Commerce of Norfolk v. United StatesDistrict Court, E.D. Virginia · 1958
- Elkhorn Coal Co. v. CommissionerUnited States Board of Tax Appeals · 1936
- Gross v. CommissionerUnited States Board of Tax Appeals · 1936
- Helvering v. Elkhorn Coal Co.Court of Appeals for the Fourth Circuit · 1938
- Helvering v. Elkhorn Coal Co.Court of Appeals for the Fourth Circuit · 1938
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